Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
The US Chamber of Commerce has produced a step by step guide to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
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